Warning! This broker takes
money, does not perform, and keeps the money.
AMC (Australia) PTY LTD
Trading as AINSWORTH MORTGAGES
Since starting Wikifrauds in February this year, we have had
numerous requests for assistance in fee recoveries or for performing
due diligence on behalf of many wary clients.
A number of major on-going frauds brought to our attention
have been exposed. But at the front end of many of these are a number
of brokers and mortgage originators who are prepared to take up-front
fees in return for procuring funding. This can be quite legitimate
in most instances, but when a supposed loan originator issues terms
sheets wherein they state that all fees are refundable should a loan
not eventuate, then the loan applicants have a right and reasonable
expectation that these fees will be refunded.
Not so with Mr Tzvi
Ainsworth, whose company is ANC (Aust) Pty Ltd, and who
trades as Ainsworth Mortgages
On many occasions before we publish, we attempt to have people pay
back their contractual obligations. In an effort to secure a refund of
$22,000 in fees paid by our contact in Queensland, Wikifrauds twice
emailed Ainsworth in the last fortnight and sought the said refund. We
have seen no response from Ainsworth, and nor has the client received
anything but excuses.
We have no alternative than to now produce the "loan
application documents" provided by the client. To protect the
client's commercial situation and to prevent embarrassment, we publish
these documents, but we have crossed out that client's name and company
We have no problem with brokers and introducers charging modest
fees for work to be done, but we strongly object to those brokers who
issue terms sheets or other agreements and documents which seduce
investors or borrowers with the line that all fees are refundable. We
especially have problems with brokers who have not done their own due
diligence on funders they recommend, and continue to put applications
up to lenders they have become aware of who are scams, just so they can
collect more up-front fees on the way. There a quite a number of these
sort of people in Australia, and we are well aware of who many of them
are. They will get their names in the limelight on this site as
soon as time permits. The industry has no room for bottom-feeders like
Ainsworth and others.
Meanwhile, any readers who have had
similar experiences with Mr Ainsworth, or any other
dubious 'brokers' should contact us for further
below are a extracts from documentation issued by Ainsworth, one which
clearly shows the committment fee being refundable. Also pasted below
is a letter and subsequent emails which show this client's recent
for his refund on two separate loan applications totalling some
$22,000. (We will show only one set of documents for one loan, the
other is almost the same, with the committment fee identical at $11,000
We stress that this is from one client alone. Since yesterday, October 5,
when we first published this page, we have recieved further information
relating to similar problems from another client.! We wonder how many
more will come out and expose this leech.
Ainsworth from "Client":
Two Emails from
the client to Ainsworth: From: "Client"
Sent:Tuesday, 16 August 2011 11:37 AM To: 'Tzvi Ainsworth'
We, the Xxxxx
Group,as you know, in early 2010, signed a funding agreement with
you to refinance 2 projects.One at Xxxxx, The Gold Coast, and the other
in Yyyy St., South Brisbane.
agreement, it states categorically, that should you not be able to
produce an offer to us, that you will refund the fee.To date, after 16
months, no offer has ever been presented.
We have already
tried to contact you thru mail and phone,with no joy.
Should you not
make contact or refund the $22,000 by this Friday, we will instigate
whatever means of recovering the money that we see fit.
In fact, we will
be in Sydney next week,and if necessary will come and discuss the
matter with you personally.
"Client" (04xx xxxxx0)
From: "Client" Sent:Friday, 9 September 2011 3:30 PM
To: 'Tzvi Ainsworth' Subject:RE: Finance
Application Mr. Ainsworth, Your mandate makes it very
clear that all fees refunded if a proposal is not put up. You readily admit you have not
given us any formal offer of finance. As far as Cordelia St.
goes,this was sold some 6 months after we commissioned you to find us a
funder. Did you expect us to wait over a year as we had for the
Apartment deal? If we do not receive our $22,000 by
Monday afternoon,I will forward your details onto the fraud
investigators for exposure.
client exposes Ainsworth! Oct 13, 2011:
As we expected, another client of Ainsworth Mortgages has come forward
with a similar story to our first client. Again, a fee of $11,000
including GST (wonder if that GST ever got paid?. Our
friends at the ATO might want to look at that). And again, we have
blacked out the name of the applicant from the following documents.
This client paid his fees back in late 2009, never received any loan
offers, and to this date has been unable to secure his "refundable"
fee. This kind of behaviour from finance brokers and originators is not
tolerable. Ainsworth Mortgages should never be approached when
seeking a loan. It will only cost money and end up nowhere. And by the
way, Ainsworth Mortgages does not holdan Australian Financial Services
It is abundantly clear that
Ainsworth has no intention of honouring his contractual
Wikifrauds strongly recommends that
intending borrowers steer well
clear of this bottom feeder.
Wikifrauds Disclaimer: This company is not to be confused with a
similarly named company operating in the UK